On the 2 hous time frame, DAIMOND BOTTOM has been spotted.
Diamond Bottom is considered a bullish signal, indicating a possible reversal of the current downtrend to a new uptrend.
Bullish diamond pattern can be found on the charts of any time frames, but the bullish diamond chart pattern on the larger time frame chart is more reliable.
PREVIOUS MARKET PERFORMANCE:
Break even failure rate for up/down breakouts: 4%; 10%
Average rise/decline: 36%; 21%
Throwback/pullback rate: 53%; 71%
Percentage meeting price target for up/down breakouts: 81%; 63%
Price trend Downward leading to the pattern.
Shape Looks like a diamond, but usually one tilted to the side.
Prices form higher peaks and lower valleys (a broadening pattern) in the first part of the pattern, then price action narrows with lower peaks and higher valleys. Trendlines outline many of the peaks and valleys, forming a diamond shape.
Prices will touch each trendline once or twice.
NOTE:Don't worry if the lines cross some of the price outliers.
Volume trend Downward trend 66% of the time(not shown)
Breakout Upward 69% of the time.
Also looking at the Ichimoku metric, a retuen to the kijun as it goes flat(kijun bounce) the tenkan holding price down as a resistance.
Traders should always wait to see a breakout and when price closes above the pattern before a taking a long trade.
SEL:0.01365953sats up to 0.014sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.